Category: fox-business/credible

Retired Americans with student loan debt risk garnishment of Social Security benefits

Millions of older Americans at risk of defaulting on student loan payments may lose some of their Social Security benefits, Democratic lawmakers said in a letter urging President Joe Biden’s administration to act. Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., were among several lawmakers who wrote to President Joe Biden about the risk student loan borrowers aged 65 or older faced when they defaulted on…

The 25 best cities for buyers on a budget: Zillow

The housing market has seen better days. Although housing affordability is trending upward, according to the National Association of Realtors, mortgage rates and homeowners insurance are still up across the country, adding to the cost of homeownership. The current state of the market is leaving some buyers searching for affordable areas. Zillow recently released an analysis of 25 metro areas which showed the cost of…

Mortgage rates are nearing 7% as inflation ticks back up: Freddie Mac

Mortgage rates continue their steady climb upward. Rates for 30-year mortgages averaged 6.88% this past week, Freddie Mac reported. Rates last week averaged 6.82%, and a year ago, the 30-year fixed-rate mortgage averaged 6.27%. “Mortgage rates have been drifting higher for most of the year due to sustained inflation and the reevaluation of the Federal Reserve’s monetary policy path,” Sam Khater, Freddie Mac’s chief economist…

This week’s personal loan rates rise for 3-year loans, fall for 5-year terms

Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were higher for 3-year loans and lower for 5-year loans when compared to fixed-rate loans for the seven days before. For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between April 4 and April 10: Personal loans have become a…

Today’s 15- and 30-year mortgage rates rise | April 11, 2024

The interest rate on a 30-year fixed-rate mortgage is 7.375% as of April 11, which is 0.250 percentage points higher than yesterday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.500%, which is 0.375 percentage points higher than yesterday. With mortgage rates changing daily, it’s a good idea to check today’s rate before applying for a loan. It’s also important to compare different…

The US added over 300,000 jobs in March and the unemployment rate dropped slightly

The unemployment rate decreased marginally in March to 3.8%, the Bureau of Labor Statistics noted in its Employment Situation Report. Last month, the unemployment rate sat at 3.9%. The rate dropped, in part, due to the additional 303,000 jobs added in March. The unemployment rate hasn’t shifted much over the last few months. It’s been ebbing and flowing between 3.7% and 3.9% since August 2023….

Gas prices creep up amid rising oil prices due to mounting tensions between Russia and Ukraine

The national average gas price across the U.S. rose by just three cents last week and now sits at $3.56 per gallon, according to AAA’s weekly report. With spring now here, gas demand is crawling up. Data from the Energy Information Administration showed that demand rose from 8.72 million barrels per day to 9.23 million barrels per day. With oil prices in the mid-$80s per…

Today’s 30-year mortgage rates hold steady while 15-year terms fall | April 5, 2024

The interest rate on a 30-year fixed-rate mortgage is 7.125% as of April 5, which is unchanged from yesterday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.000%, which is 0.125 percentage points lower than yesterday. With mortgage rates changing daily, it’s a good idea to check today’s rate before applying for a loan. It’s also important to compare different lenders’ current interest…

Home insurance costs are highest in these states – Here’s how to lower your premiums

Soaring home insurance costs could force Americans out of states with the highest price tags, according to a recent report. Home insurance premiums for a $300,000 property in the U.S. increased 12% in 2023 to an average $1,770 per year, the Insurify report said. However, homes in areas at risk of more climate-related damages tend to pay higher premiums, while homes in less disaster-prone areas…

Social Security Administration announces new measures to deal with overpayments

The Social Security Administration (SSA) is capping clawbacks of benefit overpayments at 10% of benefits checks instead of 100% after being criticized for draconian repayment plans that left some beneficiaries destitute. Social Security Commissioner Martin O’Malley said in a statement that the agency would cease “the heavy-handed practice of intercepting 100% of an overpaid beneficiary’s monthly Social Security benefit” if they failed to respond to a demand…

Millions of borrowers to see student loan payments drop in July after SAVE adjustment

President Joe Biden’s Saving on a Valuable Education (SAVE) plan has lowered student loan payments for 153,000 borrowers. In July, the plan is set to drop payments even more for nearly every borrower enrolled. The plan uses a borrower’s income to determine payment amounts. Until July, the formula considers 10% of a borrower’s discretionary income when calculating these monthly payments. Starting on July 1, the…

High homeowners insurance rates scaring away Florida homebuyers, other states face the same issue

Florida is in the middle of an unprecedented insurance crisis. The state has the highest homeowners’ insurance rates in the country, an Insurify study found. These record-high rates are driving potential homeowners away, especially in coastal areas where rates are highest.  Realtors in the state cite the aftermath of Hurricane Ian as one of the largest factors driving rates up, a Bloomberg article reported. After…

Mortgage lending took a huge dip in Q4, but there’s hope for spring housing: report

Mortgage lending continued to drop considerably in the fourth quarter of 2023, but a recent report indicates that a turnaround is coming. High home prices, soaring borrowing costs and low housing supply drove lending rates to a two-decade low, with activity down 16.5% from a year earlier and 67.7% from a high point hit in the first quarter of 2021, according to the report by ATTOM. Lenders…

Gas prices rise as spring season approaches: AAA

Spring is finally here, and that means a rise in gas prices. Gas prices rose by 11 cents on average this week, according to AAA’s weekly report. The average gas price now sits at $3.52 per gallon. “Gas prices are a lot like seasonal temperatures,” AAA spokesperson Andrew Gross said. “They start to rise with the arrival of spring.” Rising oil prices are to blame…